“We’re going to make this right” my American ASS.
BP said Tuesday that it plans to cut its U.S. tax bill by $9.9 billion, or about half the amount pledged to aid victims of the disaster, by deducting costs related to the oil spill.
A portion of that could be refunded from taxes BP paid in earlier years.
The company disclosed its intentions as part of its second-quarter earnings report, in which it said it would record a $32.2 billion charge to reflect the costs of the spill.
Under U.S. corporate tax law, companies can take credits on up to 35 percent of their losses.
The credit for BP could mean, however, that taxpayers will indirectly foot part of the bill for the $20 billion fund that BP established to compensate people and businesses harmed by the disaster.